As we indicated last week, we’ll provide some commentary on the U.S. job market shortly, but we want to get this week’s job vacancy data published as quickly as possible.

Last week, active U.S. job vacancies posted on company and employer websites globally dropped 1.2%, the 6th consecutive weekly decline. Since Labor Day, labor demand in the U.S. has declined 7%.

To put that into broader context, labor demand now sits 2.3% below where it was the week before the country went into Covid lockdown in March, 2020.

Since the Fed started hiking rates in March 2022, labor demand has dropped 35%.

Since